Qatar-based financial technology startup, Cwallet and the world leader in digital payments, Visa have entered into a strategic partnership in order to expand their product offerings.
Under the agreement, CWallet will issue prepaid cards to its customers and make available payment gateway for both online and offline merchants. CPay, a product of CWallet for acquiring services, will be offered to CWallet’s local merchants.
The company said that the move expands CWallet’s current digital wallet, marketplace, payment gateway, and prepaid cards offering.
“This is a huge vote of confidence in CWallet, which looks to go well beyond the concept of a digital wallet. With the power of the global Visa payments brand in our payment processing portfolio, we are providing an added degree of assurance to our expanding customer base, many of whom are now accessing digital payment solutions for the first time directly through the CWallet app. This helps further our aim of delivering financial inclusion and literacy in a digital and cashless society without leaving anyone behind.”
As per the statement, Visa will also advise CWallet on its future financial institution relationships and to support the fintech innovators with system functionality enhancements, integration, and new market launches.
Dr. Abdulmohsin Abdulla al-Yafei, COO & Co-founder of CWallet, said that, “This is a very golden opportunity to partner with Visa. This strategic partnership with Visa will help us in achieving our goal to become one of the leading fintech startups in the region. We are assured that we will have a flourish steady growth in the upcoming years.”
“With partners like CWallet, our goal is to enable businesses to access our payment solutions and network so they can provide the innovative and secure money movement experiences more consumers seek. This partnership with CWallet is an important step towards achieving this goal. We are delighted to partner with them and support their mission of promoting financial inclusion and cashless society in Qatar and the wider region,” commented Mr. Alex McCrea, Vice President and Head of Digital Partnerships & Ventures in CEMEA at Visa.